SOUTHFIELD, Mich., Oct. 2 /PRNewswire/ -- Ramco-Gershenson Properties
Trust (NYSE: RPT) announced today that it has renewed its secured $110 million
revolving credit facility with Fleet National Bank. Other participating banks
include Bank One Michigan, SouthTrust Bank, Bankers Trust Company, Michigan
National Bank and Key Bank. Pricing on the renewed revolver is LIBOR plus a
margin of 162.5 to 225 basis points, depending on the Company's leverage
ratios. The extended facility has a term of three years and will be used for
general corporate purposes as well as to fund RPT's business plan.
The Company also renewed $25 million of a $45 million unsecured term loan
with Fleet National Bank. The term loan bears interest at LIBOR plus a margin
of 325 to 450 basis points, depending on the Company's total leverage. RPT
reduced the term loan by $20 million by utilizing funds from an expansion of
its fixed rate mortgage recently renegotiated with Lincoln National Life
Insurance Company.
"We are very pleased with the renewal of the credit facility and the
flexibility it affords us to execute our business plan. We are also happy to
have the opportunity to further our business relationships with the
participating banks," said Dennis Gershenson, president and chief executive
officer. "In addition, we have begun to reduce our most expensive variable
rate debt evidenced by the decrease in the term loan."
Ramco-Gershenson Properties Trust has a portfolio of 56 shopping centers,
with approximately 11.5 million square feet of gross leasable area, located in
Michigan, Ohio, Wisconsin, New Jersey, Maryland, Virginia, North Carolina,
South Carolina, Tennessee, Georgia, Alabama and Florida. Headquartered in
Southfield, Michigan, the Company is a fully integrated, self-administered,
publicly-traded real estate investment trust (REIT). The Trust owns,
develops, acquires and manages community shopping centers, regional malls and
single tenant retail properties, nationally.
This press release contains forward-looking statements with respect to the
operations of the Trust. Management of Ramco-Gershenson believes the
expectations reflected in the forward-looking statements made in this document
are based on reasonable assumptions. Certain factors could occur that might
cause actual results to vary. These include general economic conditions, the
strength of key industries in the cities in which the Trust's properties are
located, the performance of the Trust's tenants at the Trust's properties and
elsewhere, and other factors discussed in the Trust's reports filed with the
Securities and Exchange Commission.
For more information on Ramco-Gershenson Properties Trust via facsimile at
no cost, simply dial 1-800-PRO-INFO and enter the company code RPT or visit
our Website @ http://www.ramcogershenson.com
SOURCE Ramco-Gershenson Properties Trust
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Related links:
http://www.ramcogershenson.com
CONTACT:
Dennis Gershenson, President & CEO, or
Richard Smith, CFO, both of Ramco-Gershenson Properties Trust,
248-350-9900, fax, 248-350-9925
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